Menu

Author: admin

If you enrolled in insurance coverage through the Health Insurance Marketplace , you are required to report changes to the Marketplace when they happen, like changes to your household income or family size, because they may affect your eligibility for the advance payments of the premium tax credits.

In the past, the IRS has warned consumers about sophisticated phone schemes targeting taxpayers. If you know you don’t owe any taxes, call the Treasury Inspector General for Tax Administration at 1-800-366-4484.

Tracey Scott received an unexpected phone call with some troubling demands. The voice on the other side of the phone claimed to be working with the Internal Revenue Service (IRS). In a voice recording, the voice informed Scott her home is under federal investigation and there is a warrant for her arrest.

ndiana Senate Democrats say a budget session is all about prioritizing, and their priority is to help working class Hoosiers. The top item on the Senate Democrats’ agenda is what they call “giving Hoosier families a raise.” Sen. Karen Tallian, D-Portage, says that begins with increasing the state’s minimum wage. She notes 29 states have a higher minimum wage than Indiana. “If you work 40 hours a week, you should not be below the federal poverty level. Indiana has a household income problem,” she says.

In addition to making end-of-year charitable contributions of goods or cash, Indiana taxpayers should consider making extra tax-deductible contributions to their retirement accounts. "Maybe you haven’t gotten that last pay check. See if you can up that amount and make a final contribution." she explained. Contributions to a child’s or grandchild’s College Choice 529 saving plan can also substantially cut a tax bill. Indiana offers a 20 percent tax credit on contributions for education.

Some 47 million of the 145 million annual tax returns filed to the IRS are self-prepared. But that self-reliance can spell trouble for tax-filers. To prevent the costly consequences of mistakes wrought by independent and budget-minded filers, experts advise avoiding certain pitfalls, because one misstep could cost hundreds of dollars in potential return money or could lead to possible fines and jail time. Too Virtuous? Presenting yourself as overly altruistic can tip the IRS off to possible tax fraud.